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Article: Scheming Off The Top?(Senate Finance Committee looks for abusive tax shelters of businesses)(Brief Article)
- Article from:
- Entrepreneur
- Article date:
- February 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Entrepreneur Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Congress takes steps to uncover businesses' secret stash.
The Senate Finance Committee is expected to continue to push for a crackdown on abusive tax shelters. It issued a set of legislative proposals in the last Congress that called for tough new fines on these schemes and a hefty increase in penalties on shelter promoters. If the legislation passes, tax strategies for business owners may well he affected.
The committee's plan is a direct response to a Treasury Department request for Congress to take legislative steps to rein in abusive shelters. The Treasury claims these shelters are the most serious tax enforcement problem now facing the government, ...